EURUSD rose yesterday and closed at 1.3480. The President of the European Central Bank Mario Draghi cooled off the speculation for a negative deposit rates which flooded the markets a couple of days ago. The Manufacturing Purchasing Managers Index in the Eurozone rose to a reading of 51.5 in November. On the other hand the Consumer Confidence in the Eurozone dropped to a reading of -15.4 in November. In the United States the President of the Saint Louis Federal Reserve James Bullard suggested that the US central bank should continue with its stimulus program until the inflation target is achieved. In the economic news today the German Ifo Business Climate came out better than the analysts expectation at a reading of 109.3 in November. Support for the EURUSD is seen at 1.3437 and resistance is seen at 1.3536. The HotForex Traders Board shows that 63 percent of the traders are short on the EURUSD.
EURUSD trading higher as Mario Draghi cooled off the news for negative rates
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